S IMMO AG planning office development in Budapest
S IMMO AG is ramping up its development activities in CEE with a new office project in Budapest. An ensemble consisting of three state-of-the-art office buildings offering roughly 29,000 m² of usable space will be built on Vaci Ut, one of the most important office locations in the Hungarian capital. The most significant structure is an 11-storey building located directly on Vaci Ut. The company plans to obtain sustainability certification according to BREEAM and WELL.
Friedrich Wachernig, Member of S IMMO AG’s Management Board, commented: “Despite the current COVID-19 crisis, we see a very stable market trend in Budapest overall and believe that economic growth will resume following the crisis. Therefore, I am not only looking ahead to the future with a great deal of optimism but am also confident that this development project will be a sustainable, high-quality addition to our CEE portfolio.”
ORCA Group, a team of internationally experienced property managers, was brought on board as a partner for the development and project management.
The Prague office of the British architectural firm Chapman Taylor is responsible for the general planning in cooperation with Bánáti + Hartvig Architects, one of the biggest architectural firms in Budapest.
Intense planning activities will be completed in 2021, and construction is scheduled to start in 2022. The project is expected to be completed in 2024.